30th Nov 2015 09:35
LONDON (Alliance News) - 88 Energy Ltd Monday said it has successfully tested the blow out preventer in the Icewine-1 well in Alaska, which is expected to be completed before the end of the year.
The company began drilling the well back in October, but was hit by delays earlier this month after the rig being used to drill the well needed repairing. The specialist engineer from the manufacturer of the rig was unexpectedly held up by visa issues at the US-Canada border.
88 Energy has now successfully tested the blowout preventer in the well, used to seal, control and monitor oil and gas wells to prevent a blowout of oil, and said the rig is now moving back in place to recommence drilling.
The company has so far drilled down 8,773 feet, with the aim of reaching its primary shale target at around 11,600 feet within the next 30 days.
Once drilled, 88 Energy will carry out an extensive evaluation of core material from its primary target. The well has also been designed so the two other shallower targets, Brookian and Kuparuk, can also be tested "if warranted," it said.
"The drilling of Icewine-1 will deliver first insight to the conventional prospectivity of 88 Energy's acreage to be matured up by the potential acquisition of 3D seismic in the near term," said the company.
88 shares were down 4.7% to 0.558 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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